Banking was Manual (Housing and Term Loans)

Long period loans such as 'Term Loans' and 'Housing Loans' are handled separately from the normal 'Overdraft' accounts. As these have a fixed repayment amount and fixed repayment period, their transactions are normally fixed monthly repayment amount and interest charged. Housing Loans interest were once based on 'yearly rests'. Interest are charged once a year, normally on 1st of July of each year, based on the balance outstanding on the 30th of each June. It is expensive; but consumers do not have much choices then!

Loan Statements are only produced once a year, which detailed out the whole year's transaction in 1 or 2 pages only. As such, staff at the Housing Loan and Term Loan Department have to bear with the pile load of work on the 30th June of each year. This is also the time when the Banks closed their yearly accounts. It may take the staff up to a week to prepare all these tasks, to ensure that the figures are balanced and submitted to the Accounts Department and the statements are sent out to the loan customers as soon as possible.

However, besides that yearly affair stuff to do, we have to make do with maintaining and following up of the loan accounts with customers or responding to Head Office on the loan matters the whole year round. Typing was necessary and there were lots of monthly, half-yearly and yearly reports to submit, with date lines to meet. Staff serving these Departments are the 'special breed' as they have to be experienced in banking operations, the necessary typing skills and the skills in handling customer relationship. Most have to also do marketing for the products that the bank sells.